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Modern Water PLC (MWG)

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Thursday 20 September, 2018

Modern Water PLC

Interim Results

RNS Number : 3185B
Modern Water PLC
20 September 2018
 

20 September 2018

                                                                                                                             

Modern Water plc ("Modern Water" or "the Company")

 

INTERIM RESULTS

 

Modern Water (AIM:MWG), the owner of leading technologies for water and wastewater treatment and the monitoring of water quality, today publishes its half-year results for the six months ended 30 June 2018.

 

Commercial Milestones

 

·     Chinese Strategic Investor subscribed £552,000 for a 5% stake in Modern Water on 5 July 2018

·     Joint Venture in China to commercialise Modern Water's membrane process technology

·     First full-scale AMBC plant commissioned and operating in India

·  Advance Works Contract signed for Gibraltar Wastewater Treatment Project and first revenue received

·     Monitoring Division's new sales model in China led to significant growth in revenues

·     Monitoring Division makes first direct sales in China

 

Financial Highlights

 

·     Highest gross profit in Company's history

·     Group revenue £1.89m (2017: £1.56m) up 22%

·     Group gross profit £0.93m (2017: 0.67m) up 39%

·     Group overheads £2.11m (2017: £2.08m) maintained

·     Group cash burn £0.84m (2017: £1.14m) reduced by 22%

 

Commenting on the results, Alan Wilson, Chairman of Modern Water, said:

"I am pleased to report that Modern Water's strategy continues to build momentum towards its key targets - brine concentration in China and India, the Wastewater Project in Gibraltar and the Monitoring Division's revenue growth in China. The evidence of this is beginning to show in our first half-year results with revenue up 22% and gross profit up 39%. We are confident of meeting market expectations."

 

-ends-

 

 

For further information:

 

Modern Water plc

+44 (0) 1483 696 000

Simon Humphrey, Chief Executive

 

 

 

WH Ireland Limited (Nominated Adviser)   

+44 (0) 207 220 1666

Chris Fielding

 

James Sinclair-Ford

 

 

Tavistock (Financial PR)

+44 (0) 207 920 3150

James Collins

 

 

 

 

 

Notes to editors

 

Modern Water owns, installs and operates broad based membrane systems using world-leading Forward Osmosis (FO) membrane technologies; supplies packaged seawater Reverse Osmosis (RO) desalination systems; supplies wastewater treatment solutions; and develops and supplies advanced systems for water monitoring. The Company's shares trade on the Alternative Investment Market of the London Stock Exchange.

 

The benefits of Modern Water's patented Forward Osmosis (FO) technology include lower energy consumption and less environmental impact in a variety of industries. With a sales presence in almost 60 countries, the Group's Monitoring Division includes a leading real-time continuous toxicity monitor and trace metal analysers for monitoring the quality of drinking water.

 

 

www.modernwater.com

 

Chairman's Statement

 

I am pleased to report that Modern Water's strategy continues to build momentum, with Group revenue increasing 22% in the first-half of 2018, delivering a 39% improvement in Gross Profit.  We continue to keep a close eye on our operating costs and the group overhead was flat on last year.  Overall, the net loss for the period was reduced by £0.42m to £1.39m.

 

Our first full-scale All Membrane Brine Concentrator (AMBC) is now successfully operating in the challenging environment of a textile dying plant in India and all parties are impressed with its performance. Our first AMBC plant in China is also nearing completion.  I believe having these reference plants fully operational in two of our key markets will lead to further orders in the near-term.

 

It is also pleasing to welcome our Chinese partners, Sunup, to our shareholder register after they subscribed for a 5% stake in Modern Water for £552,000 in August 2018.  We look forward to working with them to build the market for AMBC applications in China.

 

Our Monitoring Division is performing very strongly, as sales in China steadily increase, following last year's change in our sales model and the US market building momentum.

 

On the product development front, I am pleased to advise that we are close to successfully completing the re-design of our best-selling product, the Microtox LX, which will be launched globally in the next few months.  I am also delighted to note that our Monitoring Division's  Microtox CTM won the prestigious Frost & Sullivan award for Innovation.

 

As already announced, we intend to launch a 1 for 10 open offering in the coming weeks, so that our existing shareholders can invest in the company alongside Sunup; I hope you will support this issue.

 

Lastly, I would like to take this opportunity to thank our stakeholders for their continued support of the business and of course our employees for their creativity, hard work and determination in driving Modern Water towards a position of robust and sustainable profitability.

 

 

 

Alan Wilson

Chairman

19 September 2018

 

 

 

Chief Executive's Statement 

 

 

Membrane Division

·     Revenue £0.28m (H1 2017: £0.30m)

·     Gross margin 40% (H1 2017: 42%)

 

The Division continues to pursue the IP-rich, capital-light business model adopted in 2016. Key to the success of this business model is partnering with established local businesses in our target markets. Having concluded partnerships in both India and China we are in discussions with potential partners in a number of markets.

  

During the first half of 2018 our proprietary AMBC brine concentration plant was installed and successfully commissioned at a site in India owned by Bodal Chemicals, the major international chemicals company.   The plant is running well and is a key reference project for Advent, our partner in India.

 

The existing pilot plant has been successfully deployed at industrial sites across India.  Following successful demonstration of our technology we are in negotiations to license it for a number of new projects.

 

In China, Modern Water agreed to establish a joint venture with Hangzhou Shangtuo Environmental Technology Co. Ltd. (trading as "Sunup") to commercialise Modern Water's AMBC technology in China. 

 

Sunup also indicated their confidence in Modern Water's technology and business model by making a direct investment in the company in July.  Sunup invested £552k for a 5% equity interest in Modern Water at 11p per share. In addition Sunup was given one additional warrant for each share purchased, this time at a share price of 13p.

 

Gibraltar

 

The Advance Works Contract with HM Government of Gibraltar for Gibraltar's Waste Water Treatment Plant continues to progress well and both the Chief Minister and the Environment Minister reiterated their commitment to the project in recent budget speeches.   Negotiations on the main contract continue with a target to close this year.

Fabian Picardo, the Chief Minister of Gibraltar, stated "we can expect to see ground broken during the course of this calendar year". 

 

Monitoring Division

·     Revenue increased by 29% to £1.62m (H1 2017: £1.26m)

·     Gross margin increased to 51% (H1 2017: 43%)

 

The Monitoring Division had a successful start to the year with revenue up 29% at significantly higher gross margins of 51%.  The improvement in revenues in China validates the decision made in early 2017 to change our sales model in China and the Division made its first direct sales in China.  The margin growth was mainly due to higher margin consumables and test kits making up the majority of the revenue increase.

 

In addition to the significant growth in revenue and margins the Division has continued to invest in upgrading our products and re-validating our value proposition to  customers in key market segments.

 

Outlook

 

Modern Water has made significant commercial progress in the first six months of the year and we are now in a position to build on these successes.

 

In China, our Membrane Division is well-placed to capitalise on the world's largest market for brine concentration, together with our Strategic Partner Sunup. In India, the successful completion of our first project with our partner Advent Envirocare has increased interest and opportunities for deployment of our technology. In Gibraltar we are working hard to fulfil HM Government of Gibraltar's target of breaking ground this year.

 

The hard work of our Monitoring Division in building sales whilst continuing to upgrade and re-position our products leaves us well-placed for continued revenue growth in the remainder of 2018 and beyond.

 

 

Simon Humphrey

Chief Executive Officer

19 September 2018

 

 

 

 

 

GROUP STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

SIX MONTH PERIOD ENDED 30 JUNE 2018

 

 

6 months

6 months

Year

 

 

ended

ended

ended

 

 

30 June

30 June

31 December

 

 

2018

2017

2017

 

Note

£'000

£'000

£'000

Revenue

 

1,894

1,556

3,518

Cost of sales

 

(965)

(885)

(1,744)

Gross profit

 

929

671

1,774

Administrative expenses

 

(2,112)

(2,078)

(4,410)

Inventory valuation adjustment

 

-

-

(173)  

Goodwill and intangibles impairment

 

-

-

(1,532)

Operating loss before interest, tax, depreciation & amortisation

 

(1,183)

(1,407)

(4,341)

Depreciation and amortisation

 

(301)

(247)

(508)

Operating loss

 

(1,484)

(1,654)

(4,849)

Finance income

 

3

4

-

Finance costs

 

(60)

(142)

(381)

Loss on ordinary activities before taxation

 

(1,541)

(1,792)

(5,230)

Taxation

 

151

(16)

157

Loss for the period

 

(1,390)

(1,808)

(5,073)

Other comprehensive income

 

 

 

 

Items may be subsequently reclassified to profit or loss

 

 

 

 

Foreign currency translation differences on foreign operations

 

(105)

91

69

Total comprehensive loss for the half year

 

(1,495)

(1,717)

(5,004)

 

 

 

 

 

Loss attributable to:

 

 

 

 

Owners of the parent

 

(1,390)

(1,808)

(5,073)

Non-controlling interests

 

-

-

-

 

 

(1,390)

(1,808)

(5,073)

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

Owners of the parent

 

(1,350)

(1,708)

(4,990)

Non-controlling interests

 

(145)

(9)

(14)

 

 

(1,495)

(1,717)

(5,004)

 

 

 

 

 

Loss per share attributable to the equity holders of the parent

 

 

 

 

Basic loss per share

9

1.46p

2.20p

5.71p

Diluted loss per share

9

1.46p

2.20p

5.71p

The notes form an integral part of this condensed consolidated interim financial information.

Items in the statement above are all derived from continuing operations.

GROUP STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT 30 JUNE 2018

 

 

 

 

 

 

 

30 June

30 June

31 December

 

 

2018

2017

2017

 

 

£'000

£'000

£'000

Assets

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

219

233

230

Intangible assets

 

1,608

3,251

1,658

 

 

1,827

3,484

1,888

 

 

 

 

 

Current assets

 

 

 

 

Inventories

 

1,109

1,183

1,047

Trade and other receivables

 

1,063

1,264

1,043

Cash and cash equivalents

 

127

1,525

466

 

 

2,299

3,972

2,556

Total assets

 

4,126

7,456

4,444

 

 

 

 

 

Equity and liabilities

 

 

 

 

Equity

 

 

 

 

Ordinary shares

 

239

239

239

Share premium account

 

41,604

41,604

41,604

Merger reserve

Foreign exchange reserve

 

398

(262)

398

(148)

398

(165)

Accumulated losses

 

(39,715)

(35,362)

(38,540)

 

 

2,264

6,731

3,536

Non-controlling interests

 

-

150

145

Total equity

 

2,264

6,881

3,681

 

Liabilities

 

 

 

 

Non-current liabilities

 

 

 

 

Bank Loan

 

510

-

-

Deferred tax liabilities

 

24

31

27

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

1,328

544

736

Total liabilities

 

1,862

575

763

Total equity and liabilities

 

4,126

7,456

4,444

 

The notes form an integral part of this condensed consolidated interim financial information.

GROUP STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

SIX MONTH PERIOD ENDED 30 JUNE 2018

 

 

 

 

 

 

 

 

Foreign exchange reserve

 

 

 

 

 

  Called up share

Share premium

Merger

Retained

Total

Non-controlling

Total

 

capital

account

reserve

Earnings

 

interests

equity

 

£'000

£'000

£'000

   £'000

£'000

£'000

£'000

£'000

 

Six month period ended 30 June 2017

 

 

 

 

 

 

 

 

Balance as at 1 January 2017

199

40,032

398

(248)

(33,629)

6,752

159

6,911

Comprehensive loss

 

 

 

 

 

 

 

 

Loss for the period ended 30 June 2017

-

-

-

-

(1,808)

(1,808)

-

(1,808)

Foreign currency translation differences

-

-

-

100

-

100

(9)

91

Total comprehensive loss

-

-

-

100

(1,808)

(1,708)

(9)

(1,717)

Transactions with owners

 

 

 

 

 

 

 

 

Issue of shares

40

1,572

-

-

-

1,612

-

1,612

Share-based payments

-

-

-

-

75

75

-

75

Total transactions with owners

40

1,572

-

-

75

1,687

-

1,687

Balance as at 30 June 2017

239

41,604

398

(148)

(35,362)

6,731

150

6,881

 

 

Six month period ended 30 June 2018

 

 

 

 

 

 

 

 

Balance as at 1 January 2018

239

41,604

398

(165)

(38,540)

3,536

145

3,681

Comprehensive loss

 

 

 

 

 

 

 

 

Loss for the period ended 30 June 2018

-

-

-

-

(1,253)

(1,253)

(137)

(1,390)

Foreign currency translation differences

-

-

-

(97)

-

(97)

(8)

(105)

Total comprehensive loss

-

-

-

(97)

(1,253)

(1,350)

(145)

(1,495)

Transactions with owners

 

 

 

 

 

 

 

 

Share-based payments

-

-

-

-

78

78

-

78

Total transactions with owners

-

-

-

-

78

78

-

78

Balance as at 30 June 2018

239

41,604

398

(262)

(39,715)

2,264

-

2,264

                   

 

The notes form an integral part of this condensed consolidated interim financial information.

GROUP STATEMENT OF CASH FLOWS (UNAUDITED)

SIX MONTH PERIOD ENDED 30 JUNE 2018

 

 

 

 

 

 

 

6 months

6 months

Year

 

 

 

 ended

 ended

ended

 

 

 

30 June

30 June

31 December

 

 

 

2018

2017

2017

 

 

Note

£'000

£'000

£'000

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

Loss on ordinary activities before taxation

 

(1,541)

(1,792)

(5,230)

Adjustments for:

 

 

 

 

Inventory valuation adjustment

 

-

-

173

Depreciation of property, plant and equipment

 

52

86

153

Amortisation of intangible assets

 

249

161

355

Impairment of goodwill

 

-

-

1,532

Net finance (income)/cost

 

57

138

381

Share-based payments

 

78

75

162

 

Movements in working capital:

 

 

 

 

(Increase)/Decrease in inventories

 

(62)

136

239

Decrease in trade and other receivables

 

(20)

295

3

(Decrease) in trade and other payables

 

592

(109)

108

Net cash flows used in operating activities

 

(595)

(1,010)

(2,124)

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(25)

(24)

(162)

Proceeds from sale of property, plant and equipment

 

-

-

-

Purchase of patents and development costs

 

(198)

(25)

(113)

Interest received

 

-

-

-

Tax Received / (Paid)

 

(2)

(8)

184

Net cash flows used in investing activities

 

(223)

(57)

(91)

Cash flows from financing activities

 

 

 

 

Proceeds from bank loan

 

500

-

-

Proceeds from issuance of ordinary shares

 

-

1,612

1,612

Net cash flows used in financing activities

 

500

1,612

1,612

Net (decrease)/increase in cash and cash equivalents

 

(318)

545

(603)

Cash and cash equivalents at start of period

 

466

1,072

1,072

Exchange (losses)/gains on bank balances

 

              (21)

(92)

(3)

Cash and cash equivalents at end of period

 

127

1,525

466

                 

 

The notes form an integral part of this condensed consolidated interim financial information.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

SIX MONTH PERIOD ENDED 30 JUNE 2018

 

 

 

1. General information

Modern Water plc ('the Company') and its subsidiaries (together, 'the Group') invests in, develops and deploys new water technology. The Company is a public limited company incorporated and domiciled in England and Wales, whose shares are publicly traded on the Alternative Investment Market (AIM), a market operated by the London Stock Exchange. The registered office and principal place of business is Bramley House, The Guildway, Old Portsmouth Road, Guildford, Surrey GU3 1LR.

This condensed consolidated interim financial information was approved for issue by the Board of Directors on 19 September 2018. These interim financial results are unaudited and do not comprise statutory accounts within the meaning of section 435 of the Companies Act 2006.

Statutory accounts for the year ended 31 December 2017 were approved by the board of directors on 29 March 2018 and delivered to the Registrar of Companies. The auditor's opinion on those accounts was not modified. They did not contain any statement under section 498 of the Companies Act 2006.

 

2. Basis of preparation and going concern

2.1 Basis of preparation

The principal accounting policies have been applied consistently throughout the period in the preparation of these financial statements. This condensed consolidated interim financial information for the six months ended 30 June 2018 has been prepared in accordance with the AIM Rules for Companies of the London Stock Exchange plc and with IAS 34, 'Interim financial reporting' as adopted by the European Union.  

The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

 

2.2 Going concern

The directors are required by company law to be satisfied that the Group has adequate resources to continue in business for the foreseeable future.  A review has been conducted and the directors have concluded that such resources are available, and that the going concern basis is justified in preparation of the financial statements.

The Group's forecasts prepared by the directors reflect that funding requirements have reduced since 2015, as the result of the restructuring plan, delivering an annual net £1.4m reduction in expenditure.  The Group's cash burn was £0.84m in the first half of 2018, compared to £1.16m in the first half of 2017.

The Group's remaining funding requirements will be met from:

·      The £0.41m cash balance as of 31st August-2018,which included the £552k investment from Sunup

·      £0.5m credit line secured against Modern Water Inc.'s trade receivables in the USA

·      Improved working capital, specifically a further reduction in inventories and aged trade receivables;

·      Continued improvement in the Monitoring Division trading, especially in the USA and China; and

·      Acceleration of revenue growth from the Membrane Division.

 

3. Accounting policies

3.1 Accounting policy and disclosure changes

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2017.

 

4. Principal risks and uncertainties

A detailed explanation of the principal risks and uncertainties affecting the Group, and the steps taken to manage them, is set out in the Directors' Report section of the Group's 2017 Annual Report and Accounts, which is available of the Group's website at www.modernwater.com. The principal risks and uncertainties are summarised as follows:

·      customer acceptance of the Group's technologies;

·      competitor technology;

·      socio-political risks;

·      scaling up the technology;

·      IP protection;

·      recruitment and retention of key personnel;

·      health and safety;  and

·      financial risks.

There have been no significant changes in the nature of these risks that will affect the next six months of the financial year.

 

 

5. Critical accounting estimates and judgements

The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Estimates are continually evaluated and are based on historical experience and other factors, such as expectations of future events, and are believed to be reasonable under current circumstances. Actual results may differ from these estimates. The key sources of estimation uncertainty during the current year were consistent with the prior year, as detailed in the Group's 2017 Annual Report and Accounts.

 

6. Segmental analysis

The chief operating decision-maker is deemed to be the Board, for whom monthly financial information is provided by division to gross profit and direct overheads; below this financial information is reported in a consolidated Group format.  For management reporting purposes the Group is organised into two operating segments (i) Membrane Processes; and (ii) Monitoring, which matches this divisional split.

 

Administrative expenses which are directly attributable to the two main operating divisions (comprised of business development, sales, operations and technical expenditure) are reported as expenditure in the respective division.  However, a significant proportion of the Group's expenditure (legal, marketing, finance, facilities and directors' expenditure) is managed and reported centrally.  As the commercial activities of the Group develop, this financial information is expected to evolve.

 

 

 

6 months ended 30 June 2018

6 months ended 30 June 2017

Statement of Comprehensive Income

Membrane

Monitoring

Central

Total

Membrane

Monitoring

Central

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Revenue

277

1,617

-

1,894

301

1,255

-

1,556

Cost of sales

(167)

(798)

-

(965)

(175)

(710)

-

(885)

Gross profit

110

819

-

929

126

545

-

671

Administrative expenses

(614)

(947)

(473)

(2,034)

(587)

(958)

(458)

(2,003)

Share-based payments

-

-

(78)

(78)

-

-

(75)

(75)

Operating profit/(loss) before tax depreciation and amortisation

(504)

(128)

(551)

(1,183)

(461)

(413)

(533)

(1,407)

Depreciation and amortisation

(123)

(178)

(0)

(301)

(42)

(205)

(0)

(247)

Operating profit/(loss)

(627)

(306)

(551)

(1,484)

(503)

(618)

(533)

(1,654)

Finance income

-

-

3

3

-

-

4

4

Finance costs

-

-

(60)

(60)

-

-

(142)

(142)

Profit/(loss) before taxation

(627)

(306)

(608)

(1,541)

(503)

(618)

(671)

(1,792)

Taxation

109

42

-

151

(8)

(8)

-

(16)

Profit/(loss) for the period

(518)

(264)

(608)

(1,390)

(511)

(626)

(671)

(1,808)

 

 

 

7. Administrative expenses by nature

 

 

6 months

6 months

Year

 

 

 ended

 ended

ended

 

 

30 June

30 June

31 December

 

 

2018

2017

2017

 

Note

£'000

£'000

£'000

Employee benefits expense

 

1,256

1,261

2,580

Share-based payments

8

78

75

162

Operating lease payments

 

127

150

290

Research and development

 

50

63

165

Auditors remuneration

 

49

35

66

Exceptional item: Inventory valuation adjustment

 

-

-

173

Other administrative expenses

 

552

494

1,147

Total administrative expenses before depreciation and  amortisation

 

2,112

2,078

4,583

Depreciation and amortisation charges

 

301

247

508

Exceptional item: Goodwill impairment

 

 

 

1,532

Total administrative expenses including depreciation and amortisation

 

2,413

2,325

6,623

 

 

8.  Share-based payments

 

6 months

6 months

Year

 

 ended

 ended

ended

 

30 June

30 June

31 December

 

2018

2017

2017

 

£'000

£'000

£'000

Options (including EMI)

78

75

162

Equity-settled share-based payments

78

75

162

Cash-settled share-based payments

-

-

-

Total share-based payments charged to the income statement

78

75

162

 

9.  Loss per share

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.  As the Group is loss making, the diluted loss per share is equal to the basic loss per share.

 

6 months

6 months

Year

 

ended

ended

ended

 

30 June

30 June

31 December

 

2018

2017

2017

 

£'000

£'000

£'000

Loss attributable to equity holders of the Company

1,390

1,808

5,073

Weighted average number of ordinary shares in issue (thousands)

95,406

82,155

88,781

Basic loss per share

1.46p

2.20p

5.71p

 

 

 

 

 

 

 

10.  Related party transactions

IP Group plc held 16.6% of the ordinary share capital of the Company as at 30 June 2018 and appoints a non-executive director, and it is therefore deemed a related party.  A service agreement dated 1 December 2006 was made between the Company and IP Group plc, whereby IP Group plc provides strategic, business development and administrative services to the Company. Fees for the period were £15,000 (2017: £15,000) and as at 30 June 2018 £22,500 (31 December 2017: £7,500) was outstanding under this agreement.

 

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation in the Group accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

SIX MONTH PERIOD ENDED 30 JUNE 2018

 

 

 

The directors confirm that, to the best of their knowledge, these condensed consolidated interim financial statements have been prepared in accordance with IAS34 as adopted by the European Union. The interim management report includes a fair review of the information required by the FCA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R), namely:

·    an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

·     material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

The directors of Modern Water plc are listed in the Modern Water plc Annual Report and Accounts 2017.  A list of the current directors is maintained on the Company's website www.modernwater.com.

 

 

 

 

 

Alan Wilson                                                                                                                          Simon Humphrey

Chairman                                                                                                                              Chief Executive Officer

 

19 September 2018

 


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